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OTTAWA - Ottawa has given its blessing to the sale of properties- G! l+ M3 W% a! e1 Q
owned by Athabasca Oil Sands Corp. to a Chinese company.
: F! z6 e g! I+ ^ Federal Industry Minister Tony Clement says he has reviewed the
& ]2 [" | b! U+ V7 n9 Kdeal between Athabasca and PetroChina International Investment Co.' j# |3 U- t$ M; P6 z i1 Z& j8 l
Ltd. and finds its is likely to be of net benefit to Canada.; i: m! `3 Z5 r- ]
Clement says PetroChina and its parent, PetroChina Co. Ltd., have) J9 m/ _7 x2 X4 K* l, C& G+ h
made a number of significant commitments should they be allowed to
. g# U" K) L1 X. A( K. X$ @6 j1 j) Zacquire control of the MacKay and Dover oil sands projects.% d6 {3 \( F1 T
Among other things, the Chinese concerns have agreed to capital
! q2 V$ }8 q' H# y6 e$ o. rexpenditures in excess of $250 million for developing the properties$ I# \' J: X+ f9 P
over the next three years.+ y: `" o& g) i9 g6 U, [
They have also pledged to increase employment levels in Canada as
, V5 \1 p' l* F: ^they develop the projects over the next three years and to maintain- k8 X% X7 t7 S
an Alberta head office for operating companies associated with the
9 P3 a$ x7 n& o' K" K. hprojects for the next five years.6 s- V; ^# a3 E, X, ]3 C: T" p4 t, S
(The Canadian Press) |
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